🔹BASE METAL OVERNIGHT UPDATE —

Advisory Bazaar Info Services

Copper – Futures:

LME copper opened at $11,657.5/mt overnight. Prices initially moved higher, touching $11,707/mt, then fell sharply to $11,583/mt, and finally closed at $11,675/mt, up 0.09%. Trading volume was 21,000 lots, and open interest reached 342,000 lots.

The most-traded SHFE copper 2601 contract opened at 92,820 yuan/mt, hit a high of 93,040 yuan/mt, then trended downward to 92,020 yuan/mt, finally closing at 92,400 yuan/mt, down 0.04%. Trading volume was 77,000 lots, and open interest stood at 222,000 lots.

Aluminum – Futures:

SHFE aluminum 2601 closed at 22,120 yuan/mt, down 0.11%, showing rangebound movement. MA5 (22,117) and MA10 (22,113.50) offered short-term support, with prices still above the moving averages. However, MACD red bars narrowed (DIF 2.1396, DEA 1.3982), indicating weakening upward momentum. Suggested SHFE trading range: 22,000–22,300.

LME aluminum closed at $2,886.5/mt, down 0.48%, hovering near MA5 ($2,884.20). MA5–MA60 alignment remained bearish, while MACD stayed below the zero axis, signaling strengthened downside momentum. Suggested LME trading range: $2,860–2,920.

Lead – Futures:

LME lead opened at $2,008/mt, and due to lack of fresh cues, traded narrowly between $2,005–2,015/mt. Late-session USD strength dragged it below the $2,000/mt mark to $1,996/mt, closing at $1,998.5/mt, down 0.52%.

SHFE lead 2601 opened at 17,310 yuan/mt and moved rangebound amid balanced market forces, but with a lower price center. It closed at 17,320 yuan/mt, down 0.03%, with open interest down by 70 lots to 43,037 lots.

Zinc – Futures:

LME zinc opened at $3,095/mt, rose early above the daily average, then fluctuated widely. After a pullback to $3,090.5/mt, it rebounded strongly to $3,133.5/mt, closing at $3,130.5/mt, up 1.03%. Trading volume increased to 128,000 lots, while open interest fell by 2,099 lots to 220,000 lots.

SHFE zinc 2601 opened at 23,250 yuan/mt, touched 23,255 yuan/mt, then slid amid bearish pressure to 23,095 yuan/mt. Late-session short-covering lifted it slightly to close at 23,170 yuan/mt, down 0.49%. Trading volume dropped to 57,277 lots, and open interest decreased by 2,932 lots to 106,000 lots.

Tin – Futures:

The most-traded SHFE tin contract (SN2601) moved downward during the night session, closing at 315,860 yuan/mt, down 0.25% from the previous session.